My conveyancer has uncovered a defect with the lease for the flat we are buying in Pratt's Bottom. The seller’s lawyers have suggested defective title insurance as a workaround. We are content with insurance and will pay for it. Our lawyer has advised that he must ensure that the bank is content with this solution. Who is the client here, us or the lender?
The short answer to your last question is that, notwithstanding the risk of a conflict of interest, you and the mortgage company are the client. Your property lawyer must comply with the UK Finance Lenders’ Handbook specifications. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the mortgage company can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. Should you refuse to allow your lawyer to make the appropriate notification then your property lawyer will have no choice but to discontinue acting for you.
The Pratt's Bottom conveyancing firm that I appointed last week on my purchase in Pratt's Bottom have suddenly shut down. I only went with them because I had to have a firm on the Nottingham conveyancing panel and my preferred Pratt's Bottom lawyer was not. I paid them 275 plus VAT in advance. What are my options?
Assuming that you have an Estate Agent in the equation then let them know straight away so that they advise the vendors that there may be a slight delay due to the problems encountered. Hopefully they will be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You should appoint new lawyers that are on the Nottingham conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new solicitors should be in a position to help.
I have been told that property searches are the main reason for stalling in Pratt's Bottom conveyancing transactions. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) has noted the conclusions of research by MoveWithUs that conveyancing searches do not figure amongst the most frequent causes of delays during the legal transfer of property. Local searches are not likely to feature in any holding up conveyancing in Pratt's Bottom.
In surfing the web for the term cheap conveyancing in Pratt's Bottom it reveals numerous property lawyerslocally. How do I determine which is the right solicitor for my move?
The best way of finding a suitable conveyancer is via personal testimonial, so enquire of friends and those you trust who have purchased a property in Pratt's Bottom or the reputable estate agent or financial adviser. Costs for conveyancing in Pratt's Bottom differ, so it's a good idea to request a minimum of four quotes from different property lawyers. Be sure to secure confirmation that the fees are fixed.
Can you provide any top tips for leasehold conveyancing in Pratt's Bottom from the point of view of speeding up the sale process?
- A significant proportion of the delay in leasehold conveyancing in Pratt's Bottom can be reduced if you get in touch lawyers as soon as you market your property and ask them to put together the leasehold information which will be required by the buyers’ conveyancers. If there is a history of any disputes with your freeholder or managing agents it is essential that these are resolved prior to the flat being put on the market. The buyers and their solicitors will be reluctant to purchase a property where a dispute is unresolved. You may have to bite the bullet and pay any arrears of service charge or resolve the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the buyers, but it is clearly preferable to present the dispute as historic as opposed to ongoing. A minority of Pratt's Bottom leases require Licence to Assign from the landlord. If this is the case, it would be prudent to notify your estate agents to make sure that the purchasers put in hand financial (bank) and professional references. Any bank reference should make it clear that the buyer is able to meet the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the purchasers or their solicitors. The majority of landlords or managing agents in Pratt's Bottom levy fees for providing management packs for a leasehold home. You or your lawyers should discover the actual amount of the charges. The management information can be applied for on or before finding a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most usual reason for delay in leasehold conveyancing in Pratt's Bottom.
Having spent months of correspondence we simply can't agree with our landlord on how much the lease extension should cost for our flat in Pratt's Bottom. Can we issue an application to the Residential Property Tribunal Service?
Most certainly. We are happy to put you in touch with a Pratt's Bottom conveyancing firm who can help.
An example of a Lease Extension decision for a Pratt's Bottom property is 1 Southlands Court Southlands Road in September 2013. The Leasehold Valuation Tribunal determined that the premium to be paid by the tenant on the grant of a new lease, in accordance with section 56 and Schedule 13 of the Leasehold Reform, Housing and Urban Development Act 1993 was £30,541 This case affected 1 flat. The unexpired residue of the current lease was 50.57 years.